After struggling from global economic slowdown in 2023, Bangladesh’s garment exports are projected to rebound to a 7-10 per cent growth in 2024.

Registering an exceptionally low growth rate, garments exports from Bangladesh grew by 4.35 per cent to $42.83 billion from January-November 2023.

The country’s garment sector has been growing by 10 per cent annually over the last decade, barring the COVID-19 period. The sector has become a nearly $50 billion export market, accounting for nearly 8 per cent of the $700 billion global market.

However, garment shipments from Bangladesh dipped in 2023 as inflation rose in major markets such as the European countries and the US.

This year, Bangladesh’s garment exports are also likely to get a fillip from the reduction in interest rates by the Federal Reserve in the next quarter.

Moreover, waning of old inventories in stores of American and European clothing retailers and brands due to sales during festival seasons such as during Thanksgiving, Black Friday, Cyber Monday, Boxing Day and Christmas, is also likely to boost demand for garment items from Bangladesh.